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Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: AK, AR, HI, ID, KY, ME, MA, MT, NH, NY, ND, RI, SD, VT, WV, WY
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: AK, AR, HI, ID, KY, ME, MA, MT, NH, NY, ND, RI, SD, VT, WV, WY |
NMLS # | 133739 |
Review by
Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Alterra Home Loans is a good option for both English- and Spanish-speaking borrowers who might not otherwise qualify for a conventional loan. Its specialized loan options offer more flexibility in eligibility and documentation than most traditional lenders. But Alterra mortgages are only available in select states.
And the company website, while well-designed and straightforward to navigate, is surprisingly slim on details and doesn’t provide any information about loan types, rates or fees. Instead, you’ll need to contact the company and speak with a loan officer about prequalifying or to get information about the loan programs available.
Alterra Home Loans is not currently available on Finder
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To find out if you’re eligible for an Alterra Home Loans mortgage, visit the company’s website. Requirements vary depending on your credit history and financial situation as well as the loan type. Alterra recommends getting prequalified online and then speaking with a loan officer to discuss your options by video, email or in person.
Basic eligibility for a mortgage loan includes:
Here’s a list of the documents you’ll need to apply for a home loan from Alterra Home Loans.
Alterra doesn’t provide any information about fees and costs on its website. However, you can expect to pay about 2% to 5% of your home’s total price in fees, including application, origination and third-party fees.
Costs may include:
To get started:
Alterra Home Loans also offers these specialized types of mortgages.
Compared to other lenders, Alterra Home Loans offers a standard range of home mortgages, plus some hard-to-find options, like ITIN loans and non-warrantable condo loans. The downside is that these specialized mortgages require a much bigger down payment and higher interest rates than conventional or government-backed programs such as FHA, VA or USDA loans.
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As of August 2022, Alterra Home Loans has a 4.92 out of 5 rating on Zillow from 476 customers, who report being thrilled with the “above and beyond” service of their loan officers. Alterra Home Loans has been accredited with the Better Business Bureau (BBB) since 2018, has an A+ business rating and has closed four complaints over the past three years.
While there aren’t many reviews online, most customers had overwhelmingly positive things to say about the service from Alterra. But complaints on the BBB website mention loans not being processed in time, resulting in lost earnest money and, in some cases, serious financial distress.
Alterra Home Loans is a 100% Hispanic-owned mortgage company headquartered in Las Vegas, Nevada. It was founded in early 2007 and received equity investment from Panorama Point Partners in 2016. It is now owned by and operates as a mortgage brand under the Panorama Mortgage Group. The company also does business as Legacy Home Loans, Inspiro Financial and Panorama Mortgage Advisors.